Australian shares are set to open lower, following New York’s lead. Iron ore below $US100/tonne. $A extends slide. Follow updates here.
Fuelled by concern about the Europe’s deteriorating economic situation and increased geopolitical risks, investor bearishness on the euro is now eclipsing levels seen back in October 2020 when the fallout from COVID was wreaking havoc around the world, according to Bank of New York Mellon.
The euro fell as low as 99.52 US cents last month, breaching parity with the greenback for the first time in two decades.While a bias toward shorting the euro isn’t new, the extent of it is, according to BNY, which models the overall stance and currency profitability based on an aggregation of forward and swap positions within its own database.
With drought added into the mix, inflation has skyrocketed. So too, though, have growth concerns, potentially inhibiting the European Central Bank’s ability to lift interest rates as fast as other global peers and damping investor appetite for assets in the region.
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